US-based ViacomCBS has struck a comprehensive global partnership with South Korea’s CJ ENM, which includes co-productions for original series and films, content licensing and distribution across both company’s streaming services.
As a result, ViacomCBS (VCBS) streamer Paramount+ is to launch in South Korea next year as part of an exclusive bundle with CJ ENM’s own platform, TVING.
Under the terms of the deal, Paramount Television Studios and CJ ENM/Studio Dragon will co-develop and co-produce English-language scripted series based on the latter’s titles for exhibition on Paramount+.
VCBS and TVING will meanwhile co-finance new Korean series for global distribution on Paramount+, which will also license Korean-language series from CJ ENM’s IP library.
The US company’s AVOD service, Pluto TV, will also launch a dedicated CJ ENM branded channel on 14 December featuring Korean content for US audiences.
VCBS and CJ ENM will furthermore co-develop and co-finance movies for theatrical and streaming releases with the plan to distribute one theatrical movie a year in various territories.
This is the latest move from CJ ENM to rapidly expand its global interests, following its near-$1bn deal to take an 80% stake in Endeavor Content last month, as well as its recent acquisition of Nordic distributor Eccho Rights.
“Korean entertainment has become a cultural juggernaut with unprecedented demand, and CJ ENM is behind some of the biggest international hits that transcend borders, including Academy Award-winning film Parasite,” commented Dan Cohen, president of global distribution group, ViacomCBS.
“We are excited to partner with CJ ENM to deliver world-class content that will captivate our collective audiences, expand our intercontinental footprint and accelerate the growth of our streaming services with this powerful collaboration.”
“CJ ENM’s vast library of original IP will create synergy with ViacomCBS’ production capabilities and distribution channels to develop into global smash-hit content,” added Kang Ho-Sung, CEO, CJ ENM.